Novartis delivers strong sales, despite generic erosion, but misses expectations

Swiss drug major Novartis (NOVN: VX) this morning reported that fourth-quarter net income rose 2% to $2.06 billion, missing analyst forecasts of $2.4 billion. Net income attributable to shareholders rose 2% to $2.03 billion from a restated $1.99 billion.

Novartis said group sales in the three months increased 2% to $15.08 billion (+4% at constant currency), boosted by growth in recently-launched products and strong sales in countries such as China and Russia. Analysts polled by Dow Jones Newswires had forecast sales of $15.09 in the quarter.

For the full year, group net sales rose 2% (+4% cc) to $57.9 billion. Operating income of $10.9 billion fell 3% (+5% cc). Core operating income of $14.5 billion declined 2% (+3% cc).